The Bank of Canada is staying the course and holding the key rate steady.
The Bank once again stated today that there will be no change to its interest rate policy “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.” Great news for variable rate holders! The prime rate for most lenders should stay at the historically low 3%, exactly where it’s been since September 2010.
The Bank's next rate decision is scheduled for October 23.
With recent fixed-rate increases, contact us to discuss whether a fixed or variable-rate mortgage will work best for your situation.
Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars.
Every single day we're making homeowner dreams come true. And we're here to help you
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